Advisers BP’s tie-up with Rosneft

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A whole host of investment banks have been involved with the sale of BP’s stake in TNK-BP. Bank of America Merrill Lynch is a financial adviser to Rosneft, with Craig Kennedy, vice chairman of global energy and power at BAML, acting at the lead on the deal from BAML. He has been involved with the Russian energy sector for 20 years. Notable transactions he has worked on include the strategic partnership of Rosneft and Exxon, Ruspetro’s IPO, KNOC’s hostile offer for Dana and Alliance Oil’s joint venture with Repsol. Kennedy is working alongside Anya Weaving, director in M&A responsible for oil and gas at BAML, and Dmitri Veremeev, Moscow-based director focusing on the oil and gas sector. Citigroup was also involved on Rosneft’s side, and Cleary Gottlieb Steen & Hamilton acted as the Russian firm’s legal adviser. On BP’s side, Morgan Stanley was principal financial adviser on the transaction, alongside Goldman Sachs, Lambert Energy Advisory and Moscow-based Renaissance Capital. UBS acted as financial adviser and corporate broker, with vice chairman Hew Glyn Davies and Anna Richardson Brown, executive director in the investment banking division, acting as leads on the transaction. Linklaters acted as the main legal advisors on the deal, led by partners Stephen Griffin, Michael Bennett and Jeremy Parr.